The thread we were discussing this on got off track and confusing, so I thought I would start a new thread.
Yes, a person can go on the title of the property and not be part of the loan process.
Each state has its own legality on how title is held, so I am going to address the way the bulk of states handle it. Most states are "title" states, where title of the property is actually given to you even though you still owe on the mortgage. The lender does not go on the title with you, but holds a deed of trust with right of foreclosure if you don't pay up. It is one of very few purchases where you are actually given the title while still paying on the loan.
With some exceptions, a trailer is like a car. It is registered with motor vehicle and like a car, you are not given title until the loan is paid off. I think this is where the confusion comes in.
A person on the title of a property who is not on the mortgage only holds an interest in the property. They are not allowed the tax deductions since they are not responsible for the mortgage.
This is a very simplified explanation since title varies state to state, but hopefully it clears up the confusion between title and mortgage.
Yes, a person can go on the title of the property and not be part of the loan process.
Each state has its own legality on how title is held, so I am going to address the way the bulk of states handle it. Most states are "title" states, where title of the property is actually given to you even though you still owe on the mortgage. The lender does not go on the title with you, but holds a deed of trust with right of foreclosure if you don't pay up. It is one of very few purchases where you are actually given the title while still paying on the loan.
With some exceptions, a trailer is like a car. It is registered with motor vehicle and like a car, you are not given title until the loan is paid off. I think this is where the confusion comes in.
A person on the title of a property who is not on the mortgage only holds an interest in the property. They are not allowed the tax deductions since they are not responsible for the mortgage.
This is a very simplified explanation since title varies state to state, but hopefully it clears up the confusion between title and mortgage.